DDM Analysis: POLN.L

Valuation Snapshot

Stable Growth	$11.30 - $16.26	$13.72
Multi-Stage	$18.60 - $20.41	$19.49
Blended Fair Value	$16.61
Current Price	$7.86
Upside	111.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-4.66%	0.00%	0.40	0.50	0.46	0.45	0.46	0.50	0.44	0.34	0.11	0.00
YoY Growth	-	-	-21.48%	9.55%	2.47%	-2.75%	-8.10%	13.73%	28.86%	219.75%	0.00%	0.00%
Dividend Yield	-	-	5.26%	8.01%	9.00%	4.76%	4.90%	5.17%	3.91%	2.96%	1.05%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	100.47
(-) Cash Dividends Paid (M)	40.70
(=) Cash Retained (M)	59.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.09	12.56	7.54
Cash Retained (M)	59.78	59.78	59.78
(-) Cash Required (M)	-20.09	-12.56	-7.54
(=) Excess Retained (M)	39.68	47.22	52.24
(/) Shares Outstanding (M)	62.73	62.73	62.73
(=) Excess Retained per Share	0.63	0.75	0.83
LTM Dividend per Share	0.65	0.65	0.65
(+) Excess Retained per Share	0.63	0.75	0.83
(=) Adjusted Dividend	1.28	1.40	1.48
WACC / Discount Rate	9.11%	9.11%	9.11%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.30	$13.72	$16.26
Upside / Downside	43.81%	74.61%	106.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	100.47	99.47	98.47	97.49	96.51	95.55	98.41
Payout Ratio	40.50%	50.40%	60.30%	70.20%	80.10%	90.00%	92.50%
Projected Dividends (M)	40.70	50.13	59.38	68.44	77.31	85.99	91.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.11%	9.11%	9.11%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	45.49	45.95	46.41
Year 2 PV (M)	48.88	49.88	50.89
Year 3 PV (M)	51.11	52.69	54.30
Year 4 PV (M)	52.38	54.55	56.79
Year 5 PV (M)	52.86	55.61	58.48
PV of Terminal Value (M)	916.03	963.73	1,013.40
Equity Value (M)	1,166.74	1,222.41	1,280.27
Shares Outstanding (M)	62.73	62.73	62.73
Fair Value	$18.60	$19.49	$20.41
Upside / Downside	136.63%	147.92%	159.65%

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Pollen Street Group Limited (POLN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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